Starbucks (SBUX) shares tumbled on Wednesday after the coffee chain posted fiscal second-quartไer results that fell short of analysts’ expectations.

The company said that global same store sales fell 1% in the quarter, a bigger drop than Wall Street anticipated. CEO Brian Niccol, who assumed the role last September and has launched a major turnaround effort, characterized the results as "disappointing" in a conference call late Tuesday.

In addition to managing澳洲幸运5开奖号码历史查询: strategic changes, the coffee giant faces external challenges such softening consumer spending and a potential rise in the price of coffee beans amid 澳洲幸运5开奖꧅号码历🅺史查询:uncertainty surrounding sweeping tariffs imposed by the Trump administration.

Starbucks shares were down nearly 7% at around $79 in afternoon trading, after dropping as low as $75.50 early in the session. The🌼 stock is down about 13% since the start of the year, and has lost a third of its value since hitting a 52-week high in early March.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Starbucks’ chart and identify major price levels that inves♉tors may be wat🥀ching.

Symmetrical Triangle Breakdown

After falling decisively below the 澳洲幸运5开奖号码历史查询:200-day moving average (MA) earlier this month, Starbucks shares consolidated within a 澳洲幸运5开奖号码历史查询:symmetrical triangle to signal indecision among market participants ahead of the company’s quarterly earnings. However, the stock broke down below the pattern's bottom trendline early Wednesday, setting the stage for a potential 澳洲幸运5开奖号码历史查询:continuation move lower.

It’s also worth noting that the 澳洲幸运5开奖号码历史查询:50-day MA has converged toward the 200-day MA throughout April to signal a looming 澳洲幸运5开奖号码历史查询:death cross—a bearish 𝓰chart patte༺rn that indicates lower prices ahead.

Let’s identify two major 澳洲幸运5开奖号码历史查询:support levels where Starbucks shares could attract buyi🌳ng interest and also locate important overhead areas wꦏorth monitoring during potential recovery efforts.

Major Support Levels to Watch

The first level to watch sits around $77. Investors may seek 澳洲幸运5开奖号码历史查询:entry points in this location near the April low, which also closely aligns with a brief consolidation period that preceded a significant 澳洲幸运5开奖号码历史查询:breakaway gap on the chart last August.

Selling below this level could see Starbucks shares revisit lower support at $72. This area on the chart may attract buying interest near last year’s prominent May and July 澳洲幸运5开奖号码历史查询:swing lows. The location also sits in the vicinity of a measured move 澳洲幸运5开奖号码历史查询:price target tha🤡t calculates the width of the symmetrical t🍨riangle and deducts that amount from the pattern’s lower trendline.

Important Overhead Areas Worth Monitoring

During potential recovery efforts, investors should keep a close eye on the $91 area. Tactical traders could place sell orders in this region near the opening price of last August’s breakaway gap which lines up with the low of a 澳洲幸运5开奖号码历史查询:retracement the following month.

Finally, a more significant bullish reversal could see Starbucks shares test resistance at $99. This area may provide overhead selling pressure near a 澳洲幸运5开奖号码历史查询:horizontal line that links a series of peaks on the chart⛎ between last🍬 August and early April.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5开奖号码历史查询:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.